feeder UCITS
- (a) a UCITS scheme or a sub-fund of a UCITS scheme which has been approved by the154 FCA;154 or
- (b) an EEA UCITS scheme or a sub-fund of an EEA UCITS scheme which has been approved by the competent authority of the UCITS Home State;
52(in accordance with article 58(1) of the UCITS Directive):
to invest at least 85% of its assets in the units of a single master UCITS.